Description:
This article discusses the challenges faced by Cardano (ADA) in surpassing the $0.30 barrier. It highlights the possibility that ADA may be in a prolonged accumulation phase and stuck in a trading range. The article also mentions the lack of fresh liquidity and buying pressure as a potential reason for ADA’s stagnant price movement. Additionally, it covers ADA’s recent price analysis and its performance in the past week and month. The article concludes by mentioning Binance’s decision to delist Cardano and Polygon perpetual contracts due to the SEC labeling them as securities in recent lawsuits.
Main Key Points:
– ADA has struggled to surpass the $0.30 barrier and has been trapped in a trading range for an extended period.
– ADA’s accumulation phase between 2018 and 2020 was followed by a significant breakout of 2,985%.
– Crypto expert Ali Martinez suggests that ADA might break free from the trading range around February 2024.
– Lack of fresh liquidity and buying pressure could prevent ADA from experiencing a major bull run.
– ADA’s price analysis shows minimal movement in the past 24 hours and a 17% plunge in the past month.
Hot Take:
Despite the current stagnant price movement, there is hope for Cardano (ADA) to experience a significant breakout in the future. Patience is key in the crypto market, and investors willing to wait may be rewarded. However, the delisting of Cardano perpetual contracts by Binance due to regulatory concerns adds a layer of uncertainty to ADA’s future prospects. It will be interesting to see how Cardano navigates these challenges and if it can overcome the trading range in the coming years.
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